Biconomy Free Transactions For Ethereum & Matic Network – Meta-Transactions No Fees for Users (DeFi & Gaming) – Easy SDK Integration Requires No Changing Code -DeFi Wave & Gaming Solution to High Fees Dilemma – Dev Dashboard
No Transaction Fees

Biconomy Free Transactions For Ethereum & Matic Network – Meta-Transactions No Fees for Users (DeFi & Gaming) – Easy SDK Integration Requires No Changing Code -DeFi Wave & Gaming Solution to High Fees Dilemma – Dev Dashboard

By Perry1 | Blockchain Innovation | 8 Aug 2020


The emerging DeFi wave and Gaming insurgence into the blockchain space has resulted in a fourth blockchain Dilemma, namely high fees created as a result of scalability issues. Previously, only,  scalability, security, and decentralization, known as the blockchain trilemma (BT) hindered institutional level mass adoption. The components of the BT have been largely resolved due to the emergence of other solutions such as Matic Network and Algorand. Although the Ethereum Blockchain continues to be the most widely used, most trusted and most newly adopted blockchain fees are increasingly becoming an issue. Although, Matic Network fees are extremely low the process integrating and deploying existing DApps is in some instances is simple and in others more complicated.

When considering why certain successful DeFi projects running on Ethereum do not integrate with Matic to save $millions in fees the response was, “For Defi when it uses other protocols as a part of Money Legos. Therefore Matic has to bootstrap the entire Money legos ecosystem (Sandeep Nailwal, Matic COO).

Therefore the process for DeFi DApps that are up and running (fully developed) to migrate is possible, but also complicated and would need to be done with care. With billions currently tied up in the existing DeFi DApps, this would carry some risk. Money legos in DeFi allow DApps to work together with their integrated protocols with the common base layer of the blockchain.

Thus, new DApps can easily build on Matic but for existing DApps to integrate and take advantage of Matic’s low fees requires another solution.

A Solution

One such solution is offered by Biconomy. In considering Biconomy the following points will be elaborated Meta-transactions and no transaction fees for users, projects integration in three easy steps, easy user onboarding, Biconomy dashboard and additional features.

1.Meta-Transactions

What are meta-transactions? According to Biconomy (2020), meta-transactions enable to user to do transactions on the blockchain with a zero balance account – because the fees are paid by the DApp developer/owner as a part of the user acquisition cost. The question then arises – will mean the developer will have to pay huge amounts of fees on behalf of the users. This assumption would be inaccurate because Matic fees are at least 100 X less than Ethereum fees at present and in reality usually even more due to fluctuation in gas fees throughout the day. For example, Telegram user Coodz Mac made the following statement: On 0xUniverse, to transfer a planet on Matic universe cost 0.02 Matic ($0.0004052) to ETH Universe which is currently 0.010006 ETH ($3-85) to transfer a planet! congratulations Matic you've revived a game that was sent to the Ethereum transactions slaughterhouse.

$3-85 divided by $0.0004052 = 9501 X cheaper. Thus for DApp owners to pay the fees for DeFi protocols or Blockchain games is inexpensive due to low transactions fees on the Matic Network

Additionally, gas fees can be paid in other stable coins and even other tokens by DApp developers.

2.Easy User On-Boarding (DeFi & Gaming)

A new way to interact with DeFi & Gaming DApps has been developed by Biconomy without the inconvenience of private keys, wallets and complicated logins (Behrens 2020). Biconomy uses a relayer infrastructure which collects transactions, buys tokens and spend gas provided by owners/developers of DApps. The blockchain-related activity is completed under the hood – simplifying the user experience for mainstream adoption. As a consequence users who would not normally play blockchains games will easily be able to have the experience.

This is only possible because of Meta-transactions made possible by the power of extremely low fees offered by Matic Network for Transactions.

3.Easy Project Integration

Biconomy SDK (Mexa), enables meta transactions or gasless transactions in your DApp (Decentralized Application) out of the box without any change in your smart contracts and just a few lines of code in your DApp to integrate mexa. By using Mexa, DApp users are able to use the DApp and send transactions free of cost while the developer pays the gas fee on their behalf as a part of user acquisition cost (Biconomy SDK).

No existing code needs to be changed and all that is required is to add a few lines of code to integrate a DApp as the images below show:

c27918642b2ffa29cf2a2e9e1d3bb6e8abcefc563da588b42c2ea4f8e406c0c6.png

028e8d26ffb4af3d69bc93a965bdff1ca45e085d1de4e2730fab379dd49165d9.png

09e6429f98c4ae0cf39db6476d77fededd97c0f3d98bb5a60c1487c4716dec30.png

Integration of fully operational DApps on Ethereum, EOS, or TRON as well and DApps already migrated to Matic can use Biconomy as a tool to market their project and expand. For example, the chart below shows some of the gaming DApps that could use Biconomy.

29b670468be054abd4e3283fd7fd1623dcfdde7e6a850c82532f76988c485a6a.png

Source: Blockchain Innovation Blog

4.Biconomy Dashboard

According to Biconomy (Biconomy Dashboard 2020), Biconomy Dashboard allows developers to register their DApps (Decentralized Applications), smart contracts and manage methods/api on which a developer wants to enable meta transactions or gasless transactions. The screenshot step-by-step documentation shows the process and includes a limit section to include the avoidance of misuse of funds, and soon to come DApp Statistic and usage which will include ley information such as data like Daily new users, daily active users, gas usage per duration of time, gas usage per API of your DApp.

5.Additional features -From the Biconomy Website

79106e2eeaa3ef814589178f722d947d516ba3809e3731b77c1c88ff6b71d287.png

6. Biconomy Decentralized Matic Network Validator 

It is interesting to note that Biconomy is also a selected Matic Network Validator and its node will be one that will take over the currently centralized Matic validators in the coming weeks. All tokens currently staked on the centralized Matic nodes will be transferred to the decentralized nodes currently being set up during the stage 2 Mainnet phase which is centralized - stage 3 within a few weeks will be fully decentralized. 

39c7edc671d383e0d4327c3249a319185c1e37452145601b57f7b9d9577f1117.pnghttps://wallet.matic.network/staking/

7.Conclusion

Most important to note is that Meta-Transactions solve the fourth blockchain dilemma, high fees, by providing the options for DApp developers to pay the fees due to the very low cost of Matic Network transaction fees. Biconomy in tun takes out the hassle for all users (crypto savvy and mainstream) by removing the need for wallets and private key security. Furthermore, developers will not need to change any existing code and migration is easily accomplished by the inclusion of a few lines of code. The dashboard additionally makes setting up the DApp easy.

DApps that are fully operational and have thus not been able to take advantage of the low Matic fees will now be able to integrate, in many instances. New DApps building on Matic will also be able to use the mass adoption designed platform to simplify the user experience and expand their markets. Biconomy can be used by Ethereum, TRON and EOS blockchains due to its agnostic structure.

 

Contact a Member of the Biconomy Team to Integrate

TELEGRAM

https://t.me/biconomy

Ahmed Al-Balaghi (Cofounder & CEO)

 

Contact a Matic Team Member to Integrate Your Project for Layer 2 Scaling, lower fees, full security and decentralization

For those interested in building / integrating with the Ethereum / Matic network you can contact a member of the team at https://matic.network/about/ where individual team members contact information can be found, or at info@matic.network

https://twitter.com/maticnetwork

https://github.com/maticnetwork

https://medium.com/matic-network

https://t.me/maticnetwork

https://open.kakao.com/o/gUpfOhmb

https://www.binance.com/en/trade/MATIC_USDT

https://coinmarketcap.com/currencies/matic-network/

 

Links

Biconomy

https://biconomy.io/

Biconomy Dashboard

https://docs.biconomy.io/biconomy-dashboard

Biconomy Documents

https://docs.biconomy.io/

Biconomy SDK

https://docs.biconomy.io/biconomy-sdk-mexa#lets-get-started

Biconomy Telegram

https://t.me/biconomy

Behrens 2020

https://decrypt.co/27768/biconomy-brings-gasless-transactions-to-ethereum

Blockchain Innovation Blog

https://www.publish0x.com/blockchain-innovation

Cover Image

 © Can Stock Photo / tashatuvango

Matic Network

https://matic.network/


Perry1
Perry1

I am a teacher and blockchain enthusiast.


Blockchain Innovation
Blockchain Innovation

This blog is devoted to exploring and understanding blockchain innovation and development. In particular, Matic Network is of high interest due to its scalability and 100 times reduced fees of the Ethereum Blockchain.

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